Gjensidige Forsikring Asa · OSL:GJF
Gjensidige Forsikring Asa — Q1 2025 Earnings Presentation
51 slides from Gjensidige Forsikring Asa's earnings presentation, Apr 29, 2025
Slide 1: Interim presentation 1st quarter 2025
INTERIM PRESENTATION 1st quarter 2025 GjensidigeForsikring • Gjensidige ForsikringGroup Group
Slide 2: Higher results driven by significant improvement in the insurance service result
Quarterly update Higher results driven by significant improvement in the insurance service result • Pre-tax profit NOK 1,719m Combined ratio % 92.1 • Insurance service result NOK 1,314m 86.9 12.7 12.0 • 10.3% insurance revenue growth • Effective pricing measures 79.4 74.9 • Large losses higher than
Slide 3: Property, Private Norway: Continued implementation of significant pricing measures
Quarterly update Property, Private Norway: Continued implementation of significant pricing measures Property, Private Norway Claims for property insurance volatile in nature Claims frequency • High exposure to weather - expect more frequent weather-related incidents over time – included in pricing Q
Slide 4: Motor, Private Norway: Continued high price increases, exceeding expected claims increases
Quarterly update Motor, Private Norway: Continued high price increases, exceeding expected claims increases Motor, Private Norway Continued high claims cost Claims frequency • Claims frequency increase levelling off Q1’25/Q1’24: -7.1 % (+1.5% underlying, adjusted for • Claims inflation still high, a
Slide 5: Continued profitable growth in Norway, supported by good risk selection
Quarterly update Continued profitable growth in Norway, supported by good risk selection Group: Maintaining high retention in Norway • Continued focus on pricing measures and operational efficiency Norway: 90/92%1 92% Private Commercial • Improved profitability for Private and Commercial Norway Norw
Slide 6: Securing a strong position in a growing market through the acquisition of Buysure
Quarterly update Securing a strong position in a growing market through the acquisition of Buysure • Strengthens our presence in our customers’ home ownership journey • Agreements with real estate agents with 20 per cent share of private real estate transactions in Norway • Expect ~MNOK 500 annual i
Slide 7: Moving forward with sustainability initiatives
Quarterly update Moving forward with sustainability initiatives • SBTi formally approved Gjensidige’ s short-term climate mitigation targets towards 2030 • Launched a new motor damage prevention initiative in Denmark • Launched a new pilot in Norway, enabling monitoring of water consumption and dete
Slide 8: Financial performance
Financial performance
Slide 9: Higher insurance service result, driven by strong revenue growth and improved profitability
Financial Performance Higher insurance service result, driven by strong revenue growth and improved profitability • Increased insurance service result from Commercial NOKm Q1 2025 Q1 2024 and Private in Norway and Sweden • Lower profitability for Private and Commercial in Private 541 577 Denmark Com
Slide 10: 10.3 per cent revenue growth, 9.6 per cent in local currency
Financial Performance 10.3 per cent revenue growth, 9.6 per cent in local currency Insurance revenue development NOK m 74 9,994 Revenue growth 437 6 417 Local 9,060 Segment NOK currency Driver Private 11.6% 11.3% Mainly price - Norway 11.8% 11.8% Mainly price - Denmark 10.9% 8.9% Volume and price Co
Slide 11: Improved loss ratio
Financial Performance Improved loss ratio Loss ratio development Key drivers % • Improved underlying frequency loss ratio, also when 79.4 1.5 0.3 74.9 adjusting for weather, adverse development in claims (0.9) (0.4) (5.0) and provisions in Q1 2024 • Improved underlying profitability in Private and C
Slide 12: Continued good cost control - cost ratio 12.0 per cent
Financial Performance Continued good cost control - cost ratio 12.0 per cent Operating expenses Competitive cost ratio NOK m 498 544 477 509 • Efficient operations • High revenue growth 71 76 107 66 • Strong cost discipline across the Group Private Commercial Sweden Corporate Q1 2024 Q1 2025 Centre
Slide 13: Lower result for Pension
Financial Performance Lower result for Pension Pre-tax profit Assets under management NOK m NOK bn 386 87 88 76 79 84 208 186 152 182 124 105 77 37 Q1 Q2 Q3 Q4 Q1 (58) 2024 2024 2024 2024 2025 Q1 Q2 Q3 Q4 Q1 Column2 2024 2024 2024 2024 2025 Other (paid up policies, risk products and company portfoli
Slide 14: Investment return of 0.8 per cent
Financial Performance Investment return of 0.8 per cent Investment return per asset class Balanced investment portfolio1 Fixed-income: 95% Listed equities: 1% Free Match PE funds: 2% 38% 62% NOK Property: 2% 61.6bn Other (incl. hedge funds and commodities): 1% 3.7% 1.3% 1.2% 1.1% 0.6% 0.4% High cred
Slide 15: Moving ahead on operational targets
Financial Performance Moving ahead on operational targets Status Target High customer retention in Norway, improvement Metric potential in Denmark Q1 2025 2026 % Customer satisfaction 77 > 78 (Group1) 100 92% Customer retention 91% > 90% (Norway/Outside Norway1) 84% > 85% 90 90% Digital distribution
Slide 16: Strong capital position
Financial Performance Strong capital position Solvency ratio 184% adjusted for 10% 2% 188% acquisition of Buysure in April Solvency 185% (9%) (0.1%) Eligible own funds Ratio • Contribution from operating SII earnings and result in free portfolio 1.1 0.2 00 22.3 • Deduction of formulaic dividend Elig
Slide 17: Concluding remarks
Summary Concluding remarks Ambitious annual financial targets • Strong growth momentum sustained Metric 2025 2026 • Improved profitability Combined ratio <84% <82% • Focus on ongoing measures and good cost control Cost ratio <14% ~13% • Solid capital position Return on equity >22% >24% Solvency rati
Slide 18: Appendix
Appendix
Slide 19: Roadshows and conferences post Q1 2025 results
Appendix Roadshows and conferences post Q1 2025 results Date Location Participants Event Arranged by CEO Geir Holmgren 29 April Oslo CFO Jostein Amdal Roadshow Pareto Head of IR Mitra H. Negård CEO Geir Holmgren 30 April London (virtual) Roadshow DNB Head of IR Mitra H. Negård CEO Geir Holmgren 15 M
Slide 20: Weather and adverse development of claims, Group excluding the Baltics
Appendix Weather and adverse development of claims, Group excluding the Baltics Group excluding the Baltics NOKm Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q1 2024 FY 2024 Reported Insurance revenue 10,019 9,889 9,392 9,994 9,060 38,359 Loss ratio 71.1% 72.1% 72.5% 74.9% 79.4% 73.7% Underlying frequency loss r
Slide 21: Weather and adverse development of claims, Private
Appendix Weather and adverse development of claims, Private Private Private Norway Private Denmark NOKm Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q1 2024 FY2024 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q1 2024 FY2024 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q1 2024 FY2024 Reported Insurance revenue 3,933 3,943 3,723 3,998 3,58
Slide 22: Weather and adverse development of claims, Commercial
Appendix Weather and adverse development of claims, Commercial Commercial Commercial Norway Commercial Denmark NOKm Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q1 2024 FY2024 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q1 2024 FY2024 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q1 2024 FY2024 Reported Insurance revenue 5,440 5,369 5,14
Slide 23: Weather and adverse development of claims, Sweden and Corporate Centre
Appendix Weather and adverse development of claims, Sweden and Corporate Centre Sweden Corporate Centre NOKm Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q1 2024 FY2024 Q4 2024 Q3 2024 Q2 2024 Q1 2025 Q1 2024 FY2024 Reported Insurance revenue 503 525 474 500 494 1,997 144 52 54 19 -54 195 Loss ratio 77.9% 69.0%
Slide 24: General insurance Norway – cost ratio and loss ratio
Appendix General insurance Norway – cost ratio and loss ratio Private Norway Commercial Norway Combined ratio Combined ratio 80.3% 81.8% 85.4% 8.7% 75.7% 12.0% 11.6% 8.3% 68.2% 70.2% 76.7% 67.4% Q1 2024 Q1 2025 Q1 2024 Q1 2025 Loss ratio Cost ratio Loss ratio Cost ratio Gjensidige Forsikring Group 2
Slide 25: General insurance Denmark – cost ratio and loss ratio
Appendix General insurance Denmark – cost ratio and loss ratio Private Denmark Commercial Denmark Combined ratio Combined ratio 108.0% 100.3% 86.1% 88.2% 23.0% 22.5% 11.3% 11.1% 77.8% 85.0% 75.0% 76.9% Q1 2024 Q1 2025 Q1 2024 Q1 2025 Loss ratio Cost ratio Loss ratio Cost ratio Gjensidige Forsikring
Slide 26: General insurance Sweden – cost ratio and loss ratio
Appendix General insurance Sweden – cost ratio and loss ratio Sweden Combined ratio 93.1% 91.2% 14.4% 15.2% 78.7% 76.0% Q1 2024 Q1 2025 Loss ratio Cost ratio Gjensidige Forsikring Group 26
Slide 27: Large losses
Appendix Large losses Large losses (before discounting)1 Large losses per segment (before discounting) NOK m NOK m 693 342 499 257 263 474 483 176 95 34 10 0 Q1 2024 Q1 2025 Private Commercial Sweden Corporate Expected Reported, before discounting Q1 2024 Q1 2025 Centre CC = Corporate Centre. Large
Slide 28: Large losses Q125 Q324
Appendix Large losses FY 2025 estimate ~ NOK 2bn1, before discounting NOK m NOK m 800 342 600 249 257 400 180 95 200 62 8 0 0 Q117 Q317 Q118 Q318 Q119 Q319 Q120 Q320 Q121 Q321 Q122 Q322 Q123 Q323 Q124 Q324 Q125 Private Commercial Sweden Corporate Centre Expected Reported, before discounting Expected
Slide 29: Run-off
Appendix Run-off NOK m 163 178 119 17 19 (4) (17) (221) Private Commercial Sweden Corporate Centre Q1 2024 Q1 2025 Gjensidige Forsikring Group 29
Slide 30: Run-off Q1'25 R12
Appendix Run-off Run-off % of insurance revenue1,2 10% 8% Motor TPL and Motor TPL (Norway) and WC 6% WC (Norway) (Norway, Denmark) 4% Group life and Motor BI (Norway) Liability and Accident (Denmark) 2% WC and disease (Norway) 0% (2%) Q1'25 R12 2000 2005 2010 2015 2020 2001 2002 2003 2004 2006 2007
Slide 31: Quarterly insurance service results - seasonality in Nordic general insurance
Appendix Quarterly insurance service results - seasonality in Nordic general insurance NOK m 2 000 1 000 0 Q1 Q2 Q3 Q4 2023 1,115 1,509 1,111 734 2024 704 1,434 1,590 1,670 2025 1,314 2023 2024 2025 1) Excluding the Baltics from Q3 2024 Gjensidige Forsikring Group 31
Slide 32: Gross written premiums
Appendix Gross written premiums +17.1% +10.2% +3.5% NOK m 10,925 12,044 4,506 5,279 679 703 Private Commercial Sweden Q1 2024 Q1 2025 Gjensidige Forsikring Group 32
Slide 33: Norwegian Natural Perils Pool in brief
Appendix Norwegian Natural Perils Pool in brief • Natural perils insurance is a compulsory cover linked to fire insurance in Norway. All insurance companies providing fire insurance in Norway must be members of the pool. Fire insurance coverage for buildings and contents in Norway includes coverage
Slide 34: Reinsurance 2025
Appendix Reinsurance 2025 • Reinsurance is purchased for protection of the Gjensidige Group’s capital position and is primarily a capital management tool. • General retention level per loss/loss occurrence is NOK/DKK/SEK 100m (for the first loss the retention is NOK/SEK 200m and DKK 100m). • Gjensid
Slide 35: Investment strategy supporting high and stable nominal dividends
Appendix Investment strategy supporting high and stable nominal dividends Match portfolio Key characteristics • Duration and currency matching versus technical • Limited risk appetite provisions • Fixed-income: • Credit element for increased returns • Currency hedging vs NOK ~ 100% • Some inflation
Slide 36: Investment portfolio
Appendix Investment portfolio Asset class Investments, key elements Benchmark Match portfolio NBP Norwegian RM1-RM3 Duration 3Y Index - NORM123D3 Fixed-income NOK Corporate and government bonds (Alternatively: a Norwegian IG fund with 3 year duration) Nykredit Constant Maturity Index Bullet Covered
Slide 37: Asset allocation – as at 31.03.2025
Appendix Asset allocation – as at 31.03.2025 Match portfolio Free portfolio • NOK 38.2bn • NOK 23.4bn • Average duration: 3.0 years • Average duration fixed-income instruments: 1.5 years • Average yield: 3.8% • Average yield: 4.5% Fixed-income – short duration: 48% Fixed-income NOK: 59% Global inves
Slide 38: Credit and counterparty risk
Appendix Credit and counterparty risk Total fixed income portfolio • The portfolio consists mainly of securities in Split – Rating Match portfolio Free portfolio NOK bn % NOK bn % rated companies with high creditworthiness AAA 17.1 44.8 5.5 27.1 (Investment grade) AA 3.2 8.3 6.6 32.8 A 8.6 22.5 2.7
Slide 39: Capital position per operational areas
Appendix Capital position per operational areas NOK bn Approved partial internal Approved partial internal Own partial internal Own partial internal Gjensidige model (Group) model (general model (Group)1 model Pensjonsforsikring insurance) (general insurance)1 Eligible own 22.3 18.7 21.7 18.0 3.2 fu
Slide 40: Solvency II eligible own funds
Appendix Solvency II eligible own funds Bridging the gap between IFRS1 equity and Solvency II capital NOK bn 28 26 3.4 3.8 24 22.2 (1.1) 22.3 22 5.5 (1.8) (0.8) 20 18 16 (8.1) (0.1) 14 (0.8) 12 10 IFRS Sub- Dividend Intangible Best estimate Risk margin Solvency II Solvency II Deferred tax Miscellane
Slide 41: Gjensidige continues to work for full approval of own partial internal model
Appendix Gjensidige continues to work for full approval of own partial internal model (PIM) Main differences between approved and own PIM NOK bn Approved PIM Own PIM • Correlation between market risk and underwriting risk: (Group) 1 (Group) 2 Approved PIM based on standard formula. Own PIM Eligible
Slide 42: Solvency II sensitivities for the approved partial internal model
Appendix Solvency II sensitivities for the approved partial internal model 190% 191% 198% 195% 188% 186% 182% 181% 178% 100% Solvency II ratio Equity Interest rate Spread Inflation (-20%/20%) (-100 bps/+100 bps) (-100 bps/+100 bps) (-100 bps/+100 bps) Figures as at 31.03.2025. The legal perspective
Slide 43: Subordinated debt capacity – Gjensidige Forsikring Group
Appendix Subordinated debt capacity – Gjensidige Forsikring Group Principles for capacity Capacity and utilisation T1 T2 Constraint • Tier 1 remaining capacity is NOK 1.2 - 1.5bn • Utilised Tier 1 debt capacity: NOK 2.0bn Max 20% of Max 50% of SCR less Must be satisfied at SII Tier 1 capital other T
Slide 44: Annualised return on equity 22.2 per cent
Appendix Annualised return on equity 22.2 per cent Equity (NOK m) Annualised return on equity (%) 1,337 26,016 (189) 22,164 (5,000) 22.7 22.2 31/12/2024 Profit Total Dividend 31/03/2025 YTD 2025 components 2024 YTD 2025 of other comprehensive income etc. Bridge shows main elements in equity developm
Slide 45: Market leader in Norway
Appendix Market leader in Norway Market share – Total market Market share – Commercial Market share – Private 31.1% 23.4% 24.5% 24.6% 18.4% 14.3% 10.6% 9.1% 7.1% 5.0% Gjensidige: 26.3% If: 20.7% Fremtind: 18.7% Tryg: 12.9% Storebrand: 5.2% Frende: 3.4% Gjensidige If Tryg Fremtind Protector Gjensidig
Slide 46: Growth opportunities outside Norway
Appendix Growth opportunities outside Norway Market shares Denmark Market shares Sweden Gjensidige: 1.7% Länsförsäkringar: 30.1% Gjensidige: 7.6% Tryg: 23.5% Alm. Brand: 15.9% If: 17.8% Trygg-Hansa: 16.5% Topdanmark: 15.2% If: 5.3% Other: 32.5% Folksam: 16% Other: 18% Sources: Insurance Sweden, 4st
Slide 47: Gjensidige Pensjonsforsikring - Number four position in Norwegian defined contribution pension market
Appendix Gjensidige Pensjonsforsikring - Number four position in the growing Norwegian defined contribution pension market Market shares – total AUM NOK 539bn • Well positioned for continued profitable organic 40% growth 30% • Core focus on SME customers • Strong profitability 20% • Multi-channel di
Slide 48: Gjensidige Pensjonsforsikring
Appendix Gjensidige Pensjonsforsikring Group policy 1 and company portfolio Number of occupational pension members In thousand 320 Current bonds: 79.5% 317 304 Fixed income - short 243 duration: 17.1% NOK Property exposure: 3.1% 165 11.1 bn Equity funds: 0.3% 2021 2022 2023 2024 Q1 2025 Figures as a
Slide 49: Ownership
Appendix Ownership 10 largest shareholders1 Geographical distribution of shares2 No Shareholder Stake Norway: 37% 1 Gjensidigestiftelsen 62.2 % North America: 23% 2 Folketrygdfondet 4.8 % UK: 9% 3 BlackRock Inc 2.9 % Asia: 2% 4 Deutsche Bank 2.8 % Europe excl. UK and Norway: 28% 5 Storebrand Investm
Slide 50: Disclaimer
Disclaimer This presentation and the information contained herein have been prepared by and is the sole responsibility of Gjensidige Forsikring ASA (the "Company”). Such information is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to
Slide 51: Investor Relations
Investor Relations Mitra Hagen Negård Address Head of Investor Relations Schweigaards gate 21, Mobile: (+47) 957 93 631 P.O. Box 700 Sentrum, NO-0106 OSLO mitra-hagen.negard@gjensidige.no gjensidige.com/ir
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